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Net Income Per Common Share | 6 Months Ended
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Jun. 30, 2024
Earnings Per Share [Abstract] |
Net Income Per Common Share | NET INCOME PER COMMON SHARE Basic and diluted net income per common share are presented in the following table.
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions, except per share data) | 2024 |  | 2023 |  | 2024 |  | 2023
Basic and diluted |  |  |  |  |  |  |
Net income | $ | 206 |  |  | $ | 273 |  |  | $ | 344 |  |  | $ | 597 |
Less: |  |  |  |  |  |  |
Income allocated to participating securities | 1 |  |  | 2 |  |  | 2 |  |  | 3 |
Preferred stock dividends | 5 |  |  | 5 |  |  | 11 |  |  | 11 |
Net income attributable to common shares | $ | 200 |  |  | $ | 266 |  |  | $ | 331 |  |  | $ | 583 |
Basic average common shares | 133 |  |  | 132 |  |  | 133 |  |  | 132 |
Basic net income per common share | $ | 1.50 |  |  | $ | 2.02 |  |  | $ | 2.49 |  |  | $ | 4.43 |
Basic average common shares | 133 |  |  | 132 |  |  | 133 |  |  | 132 |
Dilutive common stock equivalents: |  |  |  |  |  |  |
Net effect of the assumed exercise of stock awards | 1 |  |  | — |  |  | 1 |  |  | — |
Diluted average common shares | 134 |  |  | 132 |  |  | 134 |  |  | 132 |
Diluted net income per common share | $ | 1.49 |  |  | $ | 2.01 |  |  | $ | 2.47 |  |  | $ | 4.40 |
The following average shares related to outstanding options to purchase shares of common stock that were not included in the computation of diluted net income per common share because the options were anti-dilutive for the period.
| Three Months Ended June 30, |  | Six Months Ended June 30,
(average outstanding options in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Average outstanding options | 1,816 |  |  | 1,816 |  |  | 1,800 |  |  | 1,338 |
Range of exercise prices | $53.96 - $95.25 |  | $42.32 - $95.25 |  | $53.96 - $95.25 |  | $63.15 - $95.25

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